ICT INVESTMENT group AYO Technology Solutions (AYO) today announced that it has fully acquired share capital and outstanding shareholder claims in Kathea Communications. The effective date of the acquisition was March 1.
In a statement, the group said AYO announced last year in August that it intended to acquire ownership of the communication group. AYO acquired Kathea Communications for a total purchase consideration of R90m.
Kathea Communications chief executive Peter Cowen said: “AYO already has good exposure to the communication and collaboration space with a track record of providing good support to their investments, and so I am very pleased to be able to combine our highly regarded excellence in this space with AYO’s well-funded strategic ambitions.”
According to the statement, Kathea is best known for its communication, collaboration, audiovisual, and workspace technology brands, such as Jabra, Polycom, Plantronics, CTouch, Logitech and Yealink, among others.
The group also said: “The acquisition now gives AYO the leading edge in the still increasing and evolving remote working space, as well as an early advantage for future innovations in ‘smart’ living.
The statement also states that Kathea complements AYO’s existing interests in Headset Solutions.
“The combination of the two will make the company the dominant player in the market for value-added telecommunications equipment and solutions as well as customer electronics.
“Kathea’s offerings are more relevant than ever with the disruptions to working norms around the globe and with AYO’s backing, we are optimistic about our business trajectory and our ability to provide good returns to our new shareholders.”
AYO chief executive Howard Plaatjes said he was delighted with the smooth finalisation of the transaction.
“The conclusion of this acquisition puts AYO in a commanding position in the fast-growing unified communications sector not only in South Africa but across Africa. This acquisition also plays to our strategy of investing in the types of disruptive technologies that are advancing life, business, and economics on the continent.”
BUSINESS REPORTER ONLINE